Rockwood Capital Buys Historic Santa Monica Building
- Jan 20, 2020
DivcoWest has sold the Telephone Building, a 58,000-square-foot office asset in Santa Monica, Calif., to Rockwood Capital. JLL represented the seller in the transaction. According to Yardi Matrix, DivcoWest acquired the property for $52.5 million in 2017.
Completed in 1946, the six-story building includes 8,000 square feet of retail space and has a rooftop terrace. Through its tenure as owner, DivcoWest leased up the property, invested in capital improvements and had the structure designated as a historic landmark by the city.
Located at 1314 Seventh St. in downtown Santa Monica, the asset is within 1 mile of Interstate 10 and 8 miles from Los Angeles International Airport. The property is adjacent to a public library and the Santa Monica History Museum. The building is within half a mile of nearly 2.8 million square feet of office space, Yardi Matrix shows.
Andrew Harper, Michael Leggett, Doug Bond and Matt McRoskey led the JLL team. Recently, Leggett participated in the disposition of a 643,145-square-foot office landmark in Phoenix. The asset was acquired for $212 million.